The Memphis Grizzlies have taken the final step toward solving their frontcourt logjam; it has finalized a three-team trade to send small forward Rudy Gay to the Toronto Raptors, according to ESPN.com’s Marc Stein.

Center Hamed Haddadi also went from Memphis to Toronto, but he is expected to be bought out by the Raptors, according to CBSSports.com.

"We are excited to add three players who bring with them a tremendous amount of value to our team and have achieved incredible success on the pro, college and Olympic levels," Memphis general manager Chris Wallace said in a statement Wednesday night. "In these players, we welcome NBA Champion and Olympic gold medalist Tayshaun Prince, as well as up-and-coming athletic forwards Ed Davis, who won an NCAA title at North Carolina, and Austin Daye."

The Dallas Mavericks, who have struggled to find a consistent option at point guard, expressed interest in Calderon. The sticking point came when the Mavericks were unwilling to trade Vince Carter, a former Raptor, as part of a deal with Memphis, according to Stein.

Memphis made a preemptive move to shore up cap space and avoid the luxury tax last week with a trade that sent three players to the Cleveland Cavaliers and netted Jon Leuer in return. The decision helped the Grizzlies save $6 million in the trade and avoid another $6 million in luxury fines.

But even after completing that maneuver, it remained evident that the Grizzlies needed to shed one of their high-priced frontcourt pieces in order achieve long-term stability. Gay signed a five-year deal worth $82 million in 2010 and was part of a frontcourt set to make $47 million at the start of the season.

But with this deal in place and Gay's contract off the books, the Grizzlies will save $5.8 million this season and $26.4 million over the next three years, a number which incorporates the luxury hit Memphis would have taken if it kept Gay. The Toronto Raptors take on the remaining three years of Gay's contract, which pays him $16.5 million this season and $37 million over the next two seasons.

"Players like this don't come along that often in terms of their availability," Raptors GM Bryan Colangelo said of Gay. "This was a very unique circumstance. We feel like we took advantage of it."

Toronto has several players with similar skill sets to Gay, including Landry Fields and DeMar DeRozan, both of whom are on new contracts. Andrea Bargnani, figured to be the Raptors' franchise star, also signed a $50 million extension in 2009 but has not yielded much return.

Without Calderon, the Raptors will rely on Kyle Lowry and John Lucas at point guard. Lowry, brought in to be the No.1 ballhandler, has missed 16 games this season.

"It's been my home for eight years," Calderon said, according to The Associated Press. "I've done everything possible for this team. It's tough. The fans have been with me since Day 1. It's tough."

For what they paid, the Memphis Grizzlies received averages of 17.2 points and 5.9 rebounds from Gay. His production this season wasn't far off his career numbers. In six seasons in Memphis, Gay put up 17.9 points, 5.8 rebounds and 1.3 steals.